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Also remember this, if you have hit a set on the flop, you can count on 1/3 to hit a boat (or quads) on turn+river. Odds-wise, chasing a flush if you know your opp has TP, is the same as playing a set if you know for a fact your opp has hit his flush/straight. Ofcourse the practical difference is that your set usually is the winner, regardless if you hit a boat/quads or not, and typically when you chase a straight or flush, you always lose if you don't hit. Just remember that with a set you're pretty good. Even if you're beat by a flush or straight, 1/3 you'll still win.
Case scenario.
Your hand: 6d 6h
Opp hand: 2c Jc
Flop: Ac 6c Tc
You still have 34.4% chance to win over turn+river.
Let's say the pot is $100. Your opp has a made flush, as in the above example, and raises $80. Here you have to invest $80 into a $260 pot, or roughly 30% to call. So pot odds justify it. Ofcourse, there's always the eternal question of "but I have to pay a turn raise too if I don't hit on the turn" vs "implied odds when I hit".
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